Debt Settlement - Get it Right and You Are on the Road to Financial Recovery
Getting yourself into debt is a piece of cake.
Getting yourself out can prove to be impossible.
As you get farther and farther into debt, you may soon find that you can't make the minimum payments on your credit cards.
Miss a payment and your balance goes up even more with a late fee.
Then they tack on a higher interest rate and an over the limit fee, just for good measure.
Before you know it, it feels like there is no way back.
If you find yourself in this position, it may be time to consider debt settlement.
Once you decide you need to get some debt relief, you may wonder how you get it done.
You may even consider doing it yourself.
You do have the right to settle your debts with your creditors, if you can manage to get it done.
If you do consider doing it yourself, you need to ask yourself three questions: 1)Who do you contact at your credit department? Every credit company is set up differently, but they all are a mish mash of different departments.
You must find the correct department to contact to have the settlement considered.
Beware, though, because if you don't send your debt settlement request to the right department off of the bat, how will you get to the right department the next time? When will the right department get it? 2)What do you put in the Request for Debt Settlement Letter? For average Joe credit card user, there's no way to figure out how to approach your credit card companies in way that describes how bad you need the assistance and in a way that will persuade them to give you a settlement.
This is definitely something better handled by the pros.
3)How much debt is too much to be settled? How much debt is too small for them to consider? Knowing how much or how little the credit card company will allow in a settlement is crucial to whether they will move forward or not.
Also, you need to know what percentage to ask for.
These are things you can only know when you are dealing with these issues and companies everyday and have some basis for your request.
By now, you are probably getting the picture that I am against the do it yourself method of debt settlement.
Yes, it can technically be done, but in reality you really need the know how to have any chance at success.
Knowing who to contact, how to approach them, getting the right terms is all a big complicated, frustrating, and confusing mess, if you don't have the right help.
Trying the do-it-yourself method may cause months of getting nowhere, but involving a debt settlement specialist, may well be the best decision you can make.
For one, the debt settlement specialist will have all of the details of who to contact at the credit card companies, so that the letters and settlement requests actually get to the correct person the first time.
Also, they have dealt with these credit card companies time and time again.
They know how to approach them in such a way that they get the best results from the get go.
Finally, they are in the know about how much each company will negotiate when doing a settlement.
Getting this wrong could kill your settlement before it has a chance.
For me, the best move you can make once you decide to settle your credit card debt is to work with a professional debt settlement company.
It gives you the best opportunity to succeed so you can get on the road to financial recovery.
Getting yourself out can prove to be impossible.
As you get farther and farther into debt, you may soon find that you can't make the minimum payments on your credit cards.
Miss a payment and your balance goes up even more with a late fee.
Then they tack on a higher interest rate and an over the limit fee, just for good measure.
Before you know it, it feels like there is no way back.
If you find yourself in this position, it may be time to consider debt settlement.
Once you decide you need to get some debt relief, you may wonder how you get it done.
You may even consider doing it yourself.
You do have the right to settle your debts with your creditors, if you can manage to get it done.
If you do consider doing it yourself, you need to ask yourself three questions: 1)Who do you contact at your credit department? Every credit company is set up differently, but they all are a mish mash of different departments.
You must find the correct department to contact to have the settlement considered.
Beware, though, because if you don't send your debt settlement request to the right department off of the bat, how will you get to the right department the next time? When will the right department get it? 2)What do you put in the Request for Debt Settlement Letter? For average Joe credit card user, there's no way to figure out how to approach your credit card companies in way that describes how bad you need the assistance and in a way that will persuade them to give you a settlement.
This is definitely something better handled by the pros.
3)How much debt is too much to be settled? How much debt is too small for them to consider? Knowing how much or how little the credit card company will allow in a settlement is crucial to whether they will move forward or not.
Also, you need to know what percentage to ask for.
These are things you can only know when you are dealing with these issues and companies everyday and have some basis for your request.
By now, you are probably getting the picture that I am against the do it yourself method of debt settlement.
Yes, it can technically be done, but in reality you really need the know how to have any chance at success.
Knowing who to contact, how to approach them, getting the right terms is all a big complicated, frustrating, and confusing mess, if you don't have the right help.
Trying the do-it-yourself method may cause months of getting nowhere, but involving a debt settlement specialist, may well be the best decision you can make.
For one, the debt settlement specialist will have all of the details of who to contact at the credit card companies, so that the letters and settlement requests actually get to the correct person the first time.
Also, they have dealt with these credit card companies time and time again.
They know how to approach them in such a way that they get the best results from the get go.
Finally, they are in the know about how much each company will negotiate when doing a settlement.
Getting this wrong could kill your settlement before it has a chance.
For me, the best move you can make once you decide to settle your credit card debt is to work with a professional debt settlement company.
It gives you the best opportunity to succeed so you can get on the road to financial recovery.
